‘Nothing to fear’ as OPEC + cuts sight of oil demand in 2021, keeps 2022 stable: sources

Saudi National Bank, SABIC and Saudi Aramco see Tadawul fall: Market Wrap

RIYAD: The Saudi stock market closed Wednesday’s session down 0.6%, or 70 points, to close at 11,299 points.

Some 140 million shares changed hands in 277,000 transactions, with major trades with Al Rajhi Bank, Alinma Bank and SABIC.

The market drop today was influenced by a 1.4% drop in Saudi National Bank, while SABIC and Saudi Aramco were down 1%.

SABIC Agri-Nutrients closed at SR168.40 ($ 44), down 4%.

Developmental Works Food was the most down, falling 7.7 percent to SR181.40, amid intense trading of nearly 1.3 million shares.

The stock has fallen about 25% since its transition from Nomu to the main market.

In contrast, Sipchem, Alinma Bank, Bank Albilad, Saudi Electricity and SRMG rose 1-3%.

Shares of Red Sea International Co. also rose 5.3%, while shares of Tihama Advertising and Saudi Industrial Export rose 4%.

For the second day in a row, Amana Insurance and Saudi Enaya were the top winners, closing at SR 33.95 and SR 30.35, respectively.

The parallel Nomu index lost 163 points, or 0.7%, closing at 23,164.54 points, after 348,000 trades.

Other news:

Falcom Financial Services Company announced the appointment of Albilad Investment Company as independent custodian of Falcom Petrochemicals ETF

Etihad Telecom Company ‘Mobily’ announced the distribution of cash dividends to its shareholders for fiscal year 2021 in the amount of SR 770 million, or SR 0.85 per share, which is higher than the dividend of 0, 5 SR per share of the previous year.

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Felix J. Dixon